MIRA
INFORM REPORT
|
Report No. : |
305095 |
|
Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
AM ACOUSTIC COMPANY LIMITED |
|
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|
Registered Office : |
26/5 Moo 6, |
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Country : |
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|
|
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
12.10.1999 |
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Com. Reg. No.: |
0105542078639 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged
in importing and
distributing of sound
and vibration system equipment, such
as sound level
meters, vibration meters,
sound frequency domain, |
|
|
|
|
No. of Employee : |
15 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
THAILAND ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the following seven years. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated.
|
Source
: CIA |
Company name
AM ACOUSTIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 26/5
MOO 6, TAWEEWATTANA
SUB-DISTRICT,
TAWEEWATTANA DISTRICT,
BANGKOK 10170,
THAILAND
TELEPHONE : [66] 2889-0809
FAX :
[66] 2441-3533
E-MAIL
ADDRESS : apinan@am-acoustics.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0105542078639
TAX
ID NO. : 3021053598
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI :
95.10%
DANISH :
4.90%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. APINAN CHAOOMCHAISIRI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 15
LINES
OF BUSINESS : MEASURING AND
TESTING EQUIPMENT
IMPORTER, DISTRIBUTOR
AND SERVICE PROVIDER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on October 12,
1999 as a
private limited company
under the originally registered
name “AM Acoustics
Company Limited”, by
Thai and Danish
groups, with the
business objective to
supply products and
service for sound
and vibration measuring
and testing equipments.
On September 14,
2004, its registered
name was changed
to AM ACOUSTIC
COMPANY LIMITED. It
currently employs 15
staff.
The subject’s registered
address is 26/5 Moo
6, Taweewattana
Sub-District, Taweewattana District,
Bangkok 10170, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Apinan Chaoomchaisiri |
[x] |
Thai |
39 |
|
Mr. Michael Boy Schoyen
Nielsen |
|
Danish |
42 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Apinan Chaoomchaisiri is
the Managing Director.
He is Thai
nationality with the
age of 39
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing of
sound and vibration
system equipment, such as
sound level meters,
vibration meters, sound
frequency domain, etc. The
subject also provides
sound system consultancy,
as well as
sound testing room
construction services, including
anechoic chamber, reverberant
room, sound testing
room, noise control
room and etc.
MAJOR BRAND
“O1DB”
PURCHASE
Most of the
products are imported
from Germany, United Kingdom, France
and Denmark, the
remaining is purchased
from local suppliers.
MAJOR SUPPLIERS
Data
Kustik GmbH. : Germany
Bruel
Acoustics A/S : Denmark
Dantec
Dynamics A/S : Denmark
SALES
100% of the
products is sold
and serviced locally
to end-users both
private company, state
enterprises and government
sectors.
MAJOR CUSTOMERS
Department of Environmental
Quality Promotion
Expressway Authority of
Thailand
SUBSIDIARY AND AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
LITIGATION
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according to the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of 30-60 days.
Imports are by
L/C at sight
or T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject
currently employs 15
staff.
LOCATION DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Since
the subject has
been established in
1999, the subject’s
business has slowly
grown. Its sales
were reported at
low level in
the past several
years. However, its
business has improved
slightly during the
past few years.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 500,000 divided into
5,000 shares of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 2,500,000
on October 4,
2013
Bht. 5,000,000
on November 10,
2014
The
latest registered capital
was increased to
Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at November 6,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Apinan Chaoomchaisiri Nationality: Thai Address : 555
Srivieng Road, Silom,
Bangrak,
Bangkok |
47,490 |
94.98 |
|
Mr. Michael Boy Schoyen
Nielsen Nationality: Danish Address : Denmark
|
2,448 |
4.90 |
|
Ms. Piyanate Chaoomchaisiri Nationality: Thai Address : 555
Srivieng Road, Silom,
Bangrak,
Bangkok |
62 |
0.12 |
Total Shareholders : 3
Share Structure [as
at November 6,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
47,552 |
95.10 |
|
Foreign - Danish |
1 |
2,448 |
4.90 |
|
Total |
3 |
50,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Pichanan Promchai No. 10690
Note:
We have found
some mistake of
2013 financial statement,
therefore we did
not disclose it
in the current
report.
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
594,672.94 |
534,371.86 |
1,157,731.95 |
|
Trade Accounts Receivable
|
4,479,000.00 |
860,782.45 |
961,930.00 |
|
Inventories |
- |
- |
345,591.00 |
|
Other Current Assets
|
446,768.46 |
142,245.78 |
200,433.21 |
|
|
|
|
|
|
Total Current Assets
|
5,520,441.40 |
1,537,400.09 |
2,665,686.16 |
|
|
|
|
|
|
Long-term Loan to Related Person |
847,000.00 |
4,047,144.94 |
3,731,144.58 |
|
Fixed Assets |
433,078.19 |
100,738.95 |
180,856.17 |
|
Other Non - current Assets |
20,000.00 |
20,000.00 |
20,000.00 |
|
Total Assets |
6,820,519.59 |
5,705,283.98 |
6,597,686.91 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Account Payable |
- |
- |
1,272,626.47 |
|
Other Current Liabilities |
387,895.57 |
59,913.69 |
82,296.45 |
|
|
|
|
|
|
Total Current Liabilities |
387,895.57 |
59,913.69 |
1,354,922.92 |
|
Total Liabilities |
387,895.57 |
59,913.69 |
1,354,922.92 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 25,000 shares |
2,500,000.00 |
2,500,000.00 |
2,500,000.00 |
|
|
|
|
|
|
Capital Paid |
2,500,000.00 |
2,500,000.00 |
2,500,000.00 |
|
Retained Earning Unappropriated |
3,932,624.02 |
3,145,370.28 |
2,742,763.99 |
|
Total Shareholders' Equity |
6,432,624.02 |
5,645,370.28 |
5,242,763.99 |
|
Total Liabilities & Shareholders' Equity |
6,820,519.59 |
5,705,283.97 |
6,597,686.91 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales & Services Income |
22,253,270.19 |
5,537,488.80 |
6,474,488.69 |
|
Other Income |
17,983.22 |
15,924.69 |
445,769.81 |
|
Total Revenues |
22,271,253.41 |
5,553,413.49 |
6,920,258.50 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
17,187,705.08 |
4,379,260.14 |
5,735,282.72 |
|
Administrative Expenses |
4,178,947.31 |
717,420.62 |
612,367.90 |
|
Total Expenses |
21,366,652.39 |
5,096,680.76 |
6,347,650.62 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
904,601.02 |
456,732.73 |
572,607.88 |
|
Financial Cost |
[3,180.43] |
[7,064.17] |
- |
|
Profit / [Loss] before Income
Tax |
901,420.59 |
449,668.56 |
572,607.88 |
|
Income Tax |
[114,166.85] |
[47,062.27] |
[65,684.61] |
|
|
|
|
|
|
Net Profit / [Loss] |
787,253.73 |
402,606.29 |
506,923.27 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
14.23 |
25.66 |
1.97 |
|
QUICK RATIO |
TIMES |
13.08 |
23.29 |
1.56 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
51.38 |
54.97 |
35.80 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.26 |
0.97 |
0.98 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
21.99 |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
16.60 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
73.46 |
56.74 |
54.23 |
|
RECEIVABLES TURNOVER |
TIMES |
4.97 |
6.43 |
6.73 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
80.99 |
|
CASH CONVERSION CYCLE |
DAYS |
73.46 |
56.74 |
(4.77) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
77.24 |
79.08 |
88.58 |
|
SELLING & ADMINISTRATION |
% |
18.78 |
12.96 |
9.46 |
|
INTEREST |
% |
0.01 |
0.13 |
- |
|
GROSS PROFIT MARGIN |
% |
22.84 |
21.20 |
18.30 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.07 |
8.25 |
8.84 |
|
NET PROFIT MARGIN |
% |
3.54 |
7.27 |
7.83 |
|
RETURN ON EQUITY |
% |
12.24 |
7.13 |
9.67 |
|
RETURN ON ASSET |
% |
11.54 |
7.06 |
7.68 |
|
EARNING PER SHARE |
BAHT |
31.49 |
16.10 |
20.28 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.06 |
0.01 |
0.21 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.06 |
0.01 |
0.26 |
|
TIME INTEREST EARNED |
TIMES |
284.43 |
64.65 |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
301.87 |
(14.47) |
|
|
OPERATING PROFIT |
% |
98.06 |
(20.24) |
|
|
NET PROFIT |
% |
95.54 |
(20.58) |
|
|
FIXED ASSETS |
% |
329.90 |
(44.30) |
|
|
TOTAL ASSETS |
% |
19.55 |
(13.53) |
|
ANNUAL GROWTH : EXCELLENT
An annual sales growth is 301.87%. Turnover has increased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
22.84 |
Deteriorated |
Industrial
Average |
48.59 |
|
Net Profit Margin |
3.54 |
Satisfactory |
Industrial
Average |
4.17 |
|
Return on Assets |
11.54 |
Impressive |
Industrial
Average |
6.67 |
|
Return on Equity |
12.24 |
Satisfactory |
Industrial
Average |
16.29 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues after accounting for the cost
of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. The company's figure is 22.84%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company may have problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 3.54%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
11.54%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is 12.24%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
14.23 |
Impressive |
Industrial
Average |
1.65 |
|
Quick Ratio |
13.08 |
|
|
|
|
Cash Conversion Cycle |
73.46 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's figure
is 14.23 times in 2012, decreased from 25.66 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 13.08 times in 2012,
decreased from 23.29 times, although
excluding inventory so the company still have good short-term financial
strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 74 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.06 |
Impressive |
Industrial
Average |
0.59 |
|
Debt to Equity Ratio |
0.06 |
Impressive |
Industrial
Average |
1.41 |
|
Times Interest Earned |
284.43 |
Impressive |
Industrial
Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 284.43 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.06 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
51.38 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
3.26 |
Impressive |
Industrial
Average |
1.60 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
3.48 |
|
Receivables Conversion Period |
73.46 |
|
|
|
|
Receivables Turnover |
4.97 |
Impressive |
Industrial
Average |
4.10 |
|
Payables Conversion Period |
- |
|
|
|
The company's Account Receivable Ratio is calculated as 4.97 and
The company's Total Asset Turnover is calculated as 3.26 times and 0.97
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
|
|
1 |
Rs.93.12 |
|
Euro |
1 |
Rs.69.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.